Different countries have different rules with regard to the ownership of personalized number platesand in allowing these to be displayed on street going vehicles. The Transport Authorities of a country decide the rules and regulations that apply, and the citizens of a country are legally bound to follow them. If any citizen elects to violate the laws and the regulations governing the use and the display of license plates specified by the relevant transport authorities, there will be legal consequences
You may have to pay a heavy fine, and you may also lose entitlement to your personalized number plates. Therefore, it is advisable to always follow the rules strictly and have that VIP feel and look to your vehicle through legal measures. After educating you a little on how the rules vary from country to country for personalized number plates, this article also intends to guide you on the budget you are likely to need to secure one of these numbers.
There has been a high level of interest around the globe in personalized number plates for decades with their increasing prices. Most people regard personalised number plates as an item of luxury only for the rich and famous. This is a misconception as these days most people can own one of these personalized number plates armed with the right information. Ensure you follow this article through to its conclusion and you will ensure you have the information and knowledge relating to the budget you will need for securing one of these personalized number plates.
Understanding the Costing of Personalized Number Plates
The pricing of personalized number platesvaries considerably subject to the type and format of number plate you are looking for. There are basic formats in the UK that will cost less than £250. Alternatively there are prestigious and exclusive numbers that can cost hundreds of thousands pounds and even millions of pounds sterling. Many of the brokers hold entitlement to private and personalized plates with prices starting from as low as £49.There are large numbers of people that still hold the belief that personalized plates are hugely expensive. They may well take a different view of that as a result of reading this article.
The most expensive car registration in the UK ‘25 0’ was sold at a price of 400,000 EURO in 2014. The second most expensive number plate currently is ‘1 D’, which was sold in 2019 at 285,000 EURO. These exclusive and prestigious numbers are at one end of the price spectrum and you shouldn’t get blown away by this. You can get fairly distinctive registrations with attractive letter and number combinations at a very low starting cost as already mentioned. It is about how well you can research and how patient you are at researching and looking for available options.
The general law of economics applied to personalized registrations state that a personalized number plate is worth what someone is willing to pay for it. You can talk to a personalized number plate broker to see what options are available within your budget. Some number plate brokers auction plates on their web portals, where buyers can bid for them. As with all auctions the bid can potentially go up to any value with the starting bid starting at a minimum level. Auctions are a measure of what people believe it to be worth in simple terms.
Some brokers are providing finance options for buyers to avail themselves of monthly payment schemes. These schemes help buyers to break up their total costs into monthly EMIs, which allow them to afford more expensive options. If you have a good credit history, you may be able to secure interest free finance.
Budget for Buying the Personalized Number Plates
There is no limit to what you can spend when buying personalised number plates. There are many number plates on the market that exceed £100,000 and as has been detailed above there are some very high value exclusive numbers in the UK. The values and the prices paid for personalised number plates will likely continue to head north. This makes it difficult to set a budget if you are interested in some of the exclusive private number plates.
You can buy cheap personalized number plates, but don’t be too rigid when setting your budget. You need to have some flexibility in order to avoid disappointment and to secure the number you really want. The idea of having some but minimal flexibility in your budget will eventually help you plan and secure your ideal plate.
To set your budget take a sheet of paper and write your firm limit based on enquiries made with multiple providers. Include any VAT applicable and any other fees that apply in order to have a complete picture of what you will have to pay and what should be your upper limit for your budget. Once you have done this apply a 10% contingency to your upper limit which will act as the flexibility you may need in order to secure your ideal number.
Always stay strictly within the limit you have calculated and look for the best possible personalized number plateswithin that limit. Ensure you focus on the two budget levels ensuring the flexibility value is viewed differently in order to help you have a mindset of looking for cheaper options. This approach will help you save money when buying private plates!
You should now see that you don’t have to be a millionaire to buy personalized number plates. Knowledge in combination with research and a degree of flexible budgeting is what you need!